While it is not one of the well-identified cryptocurrency exchanges in the world currently, Coinmama has actually been round for a very long time. The company was based in Slovakia method back in 2013 and is now owned by the Israeli blockchain agency New Bit Ventures. With that being said allow us to bounce straight into our Coinmama review and check out what it has to offer.
Coinmama is a centralized alternate that gives it’s services to over one hundred eighty international locations and areas worldwide, including the U.S, coinnama where it’s available in 24 states. The Coinmama site states that while its rates are displayed in only U.S. dollar (USD) or Euro (EUR), it accepts payments in all official fiat currencies
Some of the international locations and territories where its actions are restricted include Israel, Iran, Cuba, Lebanon, North Korea, Nigeria, Syria, and the Palestinian Territories.
The main benefit Coinmama gives over different sites is a very simple and straightforward method to buy cryptocurrency utilizing a credit or debit card. Users can purchase Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Money (BCH), Cardano (ADA), QTUM and Ethereum Classic (ETC) on the site using a bank card from any of its supported countries.
When you’ve bought your chosen crypto it takes a most of ten minutes to clear, after which you may immediately transfer it to your individual personal cryptocurrency wallet. Not like many different exchanges, there isn’t a have to change the fiat forex into crypto utilizing an exchange hosted wallet, which often attracts additional fees.
Coinmama is specifically designed to be attractive to new users within the cryptocurrency house and as such assist grow adoption. One of the largest limiting factors to cryptocurrency adoption is the difficult processes concerned with purchases, which places off many users.
The Coinmama website has an incredibly easy design with simple to observe steps which information customers by account creation and verification. In addition, it has giant one-click on buttons on the front page providing set quantities of Bitcoin at certain costs, typically together with discounts. This helps customers to know precisely what they’re spending with out the necessity to do advanced conversions.
Inline with its simple interface, Coinmama additionally affords glorious buyer support. It has an in depth knowledge base explaining all its processes in a clear and concise fashion, as well as a number of guides and FAQs with additional information.
The corporate could be very buyer centered and while it might not offer the widest range of companies it is very proficient in what it specializes in. New users will find it to be one of the simplest and most appealing options for purchasing their first coins.
As with the vast majority of crypto exchanges lately, Coinmama requires identity verification.
Initial verification is easy and permits a consumer to buy up to $10,000 in assets. All it requires is the same old account registration alongside together with your personal particulars and a transparent portrait photograph of you holding up your passport or ID.
For purchasers who wish to buy bigger sums of as much as $50,000, additional proof of residence, akin to a utility invoice, is required.
There may be additionally a third stage of verification involving a questionnaire relating to a customers income and holdings which, if approved, will allow purchases up to $1,000,000 in assets.
In our evaluate of Coinmama we discovered that it doesn’t at present supply the flexibility to withdraw cryptocurrency into your bank account, though it does have a system whereby European prospects can withdraw Bitcoin using SEPA.
While the site has wonderful help for all main VISA and Mastercard credit and debit cards, it doesn’t settle for payments via wire transfer or Paypal.
There are additionally sure limitations on what number of property you can purchase every day and monthly.
As with most exchanges that allow credit card purchases, Coinmama has an exceptionally high fee structure.
Coinmama costs 5 % on all credit/debit card withdrawals and deposits, and an additional 5.9 % trading charges if you convert between currencies.
Coinmama doesn’t at present cost any charges on SEPA bank transfers, though it’s likely your bank will cost you something.
In addition to the 5 percent credit card charge, you will need to note that your bank would possibly add an additional cash advance charge to your card. This is because some banks might even see the purchase as a money withdrawal fairly than card purchase.
So, to sum up our Coinmama evaluation it is an excellent service for new users who want to get into crypto with the minimal quantity of fuss and hassle. It is also an attractive option for less technically-minded people who are less accustomed to the ins-and-outs of the cryptocurrency world.
Past new users, Coinmama is also a good choice for seasoned cryptocurrency traders who (for whatever reason), must quickly and simply buy some crypto using a credit card. This could also be as a consequence of them losing access to their most important provider or needing a quicker flip over time on purchases.
However, considering the charges involved, there are actually far cheaper options for buying cryptocurrency. Additionally, the exchange doesn’t offer a native wallet feature or the flexibility to trade between cryptocurrencies.